Picture yourself at the starting line of a marathon (or maybe a more reasonable 10K, if you’re anything like me).
When the buzzer goes, it’s not all about giving it all you’ve got from the off and then hoping you’ll make it. As the race goes on, every step, every tick of the clock, becomes increasingly valuable.
This very principle applies to the world of business – and each minute, hour, and day can make a difference to your results.
Welcome to the world of time value, the real business game changer.
Understanding the concept of time value
When you hear about the concept of time value, it’s usually referring to the time value of money. This financial concept explains that money is worth more in the present than in the future when receiving the same amount.
In plain English, it means that your money grows through investing, so delaying that investment only wastes your growth opportunities.
If we apply that to your business, it means an hour today might be worth more than an hour tomorrow. For example, spending an hour today developing a bright idea while the market’s ready for the taking could be worth more than doing it a week later when your competitors annoyingly already have the upper hand.
Time, being the non-renewable resource it is, is like gold dust. Once it’s gone, it’s gone for good. That’s why you need to make the most of the time you have, especially when industry competition can be as fierce as the FA Cup final and opportunities as fleeting as a consistently sunny British summer (boo!)
Applying time value to your tasks
Sorting your tasks based on their time value can dramatically up your game in business. For example, prioritising income-generating activities like meeting with clients over non-revenue-generating tasks like checking your long list of weekly newsletter emails.
This is where the ’80/20 rule’ or the Pareto Principle comes into play. It presumes that 80% of results often come from 20% of our efforts. It means there’s no need to get into the habit of faffing about trying to do everything but focusing on tasks that pack the most punch.
When trying to work out the time value of tasks on your to-do list, consider their potential impact, urgency, and long-term benefits – and particularly, ask yourself whether a task would be more impactful if you do it sooner rather than later.
For instance, spending an hour getting in contact with your old clients might give you more bang for your buck in the long run than an hour spent searching your G Drive and inbox for a long-lost template.
Techniques for maximising productivity
By using strategies like delegating tasks, automating processes, and adopting tech (or low-tech) strategies, you can save time and focus on tasks that matter.
For me, using a paper checklist alongside a mini planner saves me a few hours each week, as it forces me to prioritise what I need to do each day. I’ve personally found this to be a real lifesaver in terms of reducing my stress levels because it stops me from getting overwhelmed.
Some old habits – like excessive multitasking, procrastination, and lack of planning – just love to hack away at our precious time. Effective time management not only gives your efficiency a boost but also takes a weight off your shoulders, and makes work-life balance a reality, not a pipe dream.
Discipline and consistency are the name of the game for effective time management. By setting clear goals, creating schedules, and practising mindfulness, we can knock these habits on the head. The goal is not to be flat out but to be productive.
Go forth and make those minutes count!
Getting to grips with and implementing the concept of time value in your business tasks can make a world of difference. It can help you make more informed decisions about what to tackle and when – ultimately increasing your productivity and helping you smash your goals.
So, take a breath and ask yourself – are you just spending your time or are you investing it?
The answer might just revolutionise your business.
